Question 1 True or False Questions 1. Total assets less total liabilities are equal to the entity's net assets ). 2. Private companies in Canada should follow ASPEL ). 3. Compared to U.S., accounting practices in Canada are less defensible ). 4. Financial analysts are not a type of stakeholders in the financial reporting environment .). 5. Historical cost principle can enhance the relevance of accounting information t ). 6. Information asymmetry problems cannot be completely solved by developing accounting standards ). 7. The relevance of accounting information is reflected by its credibility ). 8. Under IFRS, they entity reports comprehensive income but does not report net income on the statement of comprehensive income ). 9. Historical costs are less reliable information than estimated current values ). 10. Relevance of accounting usually increases in its timeliness )